SWIFT Certified Application

Securities Settlement
Label Criteria 2018

This document explains the criteria required to obtain the SWIFT Certified Application - Securities Settlement 2018 label
for your business application.

26 January 2018
SWIFT Certified Application
Securities Settlement Table of Contents

Table of Contents

Preface............................................................................................................................................................... 3

1 SWIFT Securities Settlement Messages................................................................................................4

2 SWIFT Certified Application - Securities Settlement Label................................................................. 6

3 SWIFT Certified Application - Securities Settlement Criteria 2018.....................................................7

3.1 Certification Requirements...................................................................................................................... 7
3.2 Installed Customer Base......................................................................................................................... 7
3.3 Messaging............................................................................................................................................... 7
3.4 Direct Connectivity...................................................................................................................................7
3.5 Standards................................................................................................................................................ 8
3.6 Message Validation (Syntax and Semantic).......................................................................................... 10
3.7 Market Practices.................................................................................................................................... 11
3.8 Technical Message Reconciliation.........................................................................................................11
3.9 User Interface........................................................................................................................................ 12

4 Reference Data Integration ..................................................................................................................13

4.1 BIC Directory......................................................................................................................................... 13
4.2 Bank Directory Plus (Optional).............................................................................................................. 14
4.3 IBAN Plus (Optional)............................................................................................................................. 14
4.4 SWIFTRef Business Applications ......................................................................................................... 15

5 Marketing and Sales..............................................................................................................................16

A ISO 20022 Messages Optional for Securities Settlement.................................................................. 17

Legal Notices................................................................................................................................................... 20

26 January 2018 2
SWIFT Certified Application
Securities Settlement Preface

Preface
Purpose of the document
This document explains the criteria required to obtain the SWIFT Certified Application - Securities
Settlement 2018 label for your business application.

Audience
This document is for the following audience:
• Application product managers
• Developers
• SWIFT customers seeking to understand the SWIFT Certified Application Programme or being
involved in the selection of third-party applications

Related documentation
• SWIFT Certified Application Programme Overview
The document provides an overview of the SWIFT Certified Application Programme. It
describes the benefits of the programme for SWIFT registered providers that have a software
application they want to certify for compatibility with SWIFT standards, messaging services, and
connectivity. This document also describes the application and validation processes that SWIFT
uses to check such SWIFT compatibility. SWIFT's certification of an application is not an
endorsement, warranty, or guarantee of any application, nor does it guarantee or assure any
particular service level or outcome with regard to any certified application.
• SWIFT Certified Application Technical Validation Guides
The documents explain in a detailed manner how SWIFT validates the application so that this
application becomes SWIFT Certified.
• www.smpg.info for the latest information about market practices
• User Handbook

26 January 2018 3
SWIFT Certified Application
Securities Settlement SWIFT Securities Settlement Messages

1 SWIFT Securities Settlement Messages

In terms of business processes, Securities Settlement directly follows the Trade Initiation and
Confirmation stage. Once the details of a trade have been matched and confirmed and the
resulting obligation confirmed by settlement parties (clearing), the delivering and receiving parties
must settle the trade.
Each settlement party involved in the chain issues settlement instructions, until both the related
receiving instruction from one party and the delivery instruction from the counterparty reach the
final place in the settlement system.
Once settlement of the securities has been received; the account servicer processes the instruction
and tries to match it. It therefore sends back different messages (status, sometimes alledgements)
until settlement to the account owner. Eventually, the securities are settled and a confirmation is
sent by the account servicer. The account servicer sends the appropriate confirmation message to
the account owner. The confirmation message must match the original instruction message. For
example, if the instruction is a "Receive Against Payment" instruction, then the confirmation
message is a "Receive Against Payment Confirmation" message.
Sometimes, there is no settlement instruction (from the client) as this is directly processed from the
trading party or the Exchange to the market infrastructure. In addition to a real OTC process
described here, on SWIFT there is also Exchange-related settlement.

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SWIFT Certified Application
Securities Settlement SWIFT Securities Settlement Messages

Securities settlement transaction

Account
Account Owner 1
Owner 1
Broker
Investment
Manager

Instruction Confirmation
MTs 540-543 MTs 544-547

Account
Servicer 1 Instruction Confirmation
MTs 540-543 MTs 544-547
Account
Owner 2 Global
Custodian

Instruction Confirmation
MTs 540-543 MTs 544-547

Instruction MTs 540-543 &

Confirmation MTs 544-547
Clearing
Account Account
System
Servicer 2 Servicer 1
Sub-Custodian Broker’s Local
Agent

Account Account Account Account

Owner 3 Servicer 3 Servicer 2 Owner 2

D1570014

In addition to the mandatory confirmation of the settlement instruction, the account servicer may
also send a Statement of Holdings to the account owner. The purpose is to provide additional
information, detailing the quantity and identification of the securities held for the account at a
specific point in time.
The account servicer may also send a Statement of Transactions to the account owner, detailing
the movement of securities into and out of the safekeeping account. This includes securities
movements that result from corporate actions, borrowing and lending, and collateral management
activity.

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SWIFT Certified Application
Securities Settlement SWIFT Certified Application - Securities Settlement Label

2 SWIFT Certified Application - Securities

Settlement Label
The SWIFT Certified Application - Securities Settlement labels targets third-party business
applications that support Securities Settlement message creation and understanding as well as
events processing, such as securities portfolio holdings management.
This label is granted to business applications that adhere to a specific set of criteria linked to the
support of SWIFT MT messages, SWIFT connectivity, and SWIFT functionality.

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SWIFT Certified Application
Securities Settlement SWIFT Certified Application - Securities Settlement Criteria 2018

3 SWIFT Certified Application - Securities

Settlement Criteria 2018

3.1 Certification Requirements

New label
Vendors applying for the SWIFT Certified Application - Securities Settlement label for the first time
must comply with all criteria as defined in this document.

Label renewal
Vendors that have been granted the SWIFT Certified Application - Securities Settlement label in
2017 are required to prove compliance with the Standards Release (SR) 2018 and connectivity
through Alliance Access 7.2.
If the vendor has upgraded its application, then SWIFT will request details of the new functionalities
that the vendor must demonstrate (for example, new functional validation required).

3.2 Installed Customer Base

Live customer reference
A minimum of five live customers must use the application.
By customer, SWIFT means a distinct financial institution that uses the product to send and receive
messages over SWIFTNet.
Five live sites from the same customer are not enough to qualify for a label.
SWIFT reserves the right to contact the relevant customer to validate the functionality of the
application submitted for a SWIFT Certified Application label. A questionnaire is used as the basis
for the customer validation. The questionnaire can be in the form of a telephone interview, an e-
mail, or a discussion at the customer site. The information provided by the customer is treated as
confidential and is not disclosed, unless explicitly agreed with the customer.

3.3 Messaging
FIN protocol
The application must support the FIN protocol.

3.4 Direct Connectivity

Requirements
For direct connectivity, the vendor application must integrate with Alliance Access. A business
application that does not connect directly to Alliance cannot be considered for a SWIFT Certified
Application label.

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SWIFT Certified Application
Securities Settlement SWIFT Certified Application - Securities Settlement Criteria 2018

The direct connection from the business application to Alliance Access can be achieved using one
or more of the Alliance Access adapters:
• MQ Host Adapter (MQHA)
• Automated File Transfer (AFT)
• SOAP Host Adapter
The vendor must develop and test SWIFT application integration using Alliance Access 7.2. Proper
support of Alliance Access Release 7.2 is mandatory for the 2018 label.

Mandatory adapters
The SWIFT Certified Application - Securities Settlement label requires support for either Automated
File Transfer (AFT) or an interactive link with MQ Host Adapter (MQHA) or SOAP for Alliance
Access 7.2. The adapters must support the following messaging service and Standards:

Messaging service Standards

FIN MT

Note If the application supports several of the previously mentioned adapters, then the
vendor may provide the appropriate evidence for some or all of them during the
technical validation. SWIFT only publishes information for which evidence has been
provided.

Local Authentication (LAU)

Local Authentication provides integrity and authentication of messages and files exchanged
between Alliance Access and any application that connects through the application interface. Local
Authentication requires that the sending entity and Alliance Access use the same key to compute a
Local Authentication message/file signature. With the increased number of cyber-attacks on the
financial industry, customers will expect message signing with LAU from their application providers.
For more information about LAU, see the Alliance Access Developer Guide.
Note Although Local Authentication support is not mandatory to receive the 2018 SWIFT
Certified Application label, SWIFT strongly encourages SWIFT Certified providers to
plan for LAU support.

3.5 Standards
ISO 15022-compliant message standards
Only ISO 15022-compliant message standards are taken into consideration for the SWIFT Certified
Application - Securities Settlement label in 2018. The application must be able to support all fields
and all mandatory and optional code words.

ISO 20022-compliant messages

Although ISO 20022 implementation is not mandatory to receive the 2018 SWIFT Certified
Application - Securities Settlement label, SWIFT strongly encourages Certified Application
providers to plan for ISO 20022 adoption.

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SWIFT Certified Application
Securities Settlement SWIFT Certified Application - Securities Settlement Criteria 2018

Applications that support ISO 20022 must comply with the following:
• ISO 20022 Harmonisation Charter
• ISO 20022 Version and Release Management - Best Practices
• Recommendations for Implementation of ISO 20022 Messages – Best Practices
Amongst other requirements, this implies that applications must:
• support the latest or previous version of ISO 20022 messages as available
• align its maintenance cycle with the MX release cycle
• rely on the message specifications as published on MyStandards

Recommended ISO 20022 messages list

For a list of recommended ISO 20022 messages for Securities Settlement mapped to the ISO
15022 Message Types please refer to Appendix A.

3.5.1 ISO 15022 Message Types

Account Servicers
The following message types, for both incoming and outgoing flows, must be supported by vendors
whose users are involved as account servicer to an account owner. These users include settlement
agents, custodians, central securities depository, and other account servicers.

The following table links the different message types and the related transaction flows:

Transaction flow Message type

Settlement Instruction and Status Feedback MT 540, MT 541: Instructions to receive financial instruments
from a specified party either Free or Against Payment

MT 542, MT 543: Instructions to deliver financial instruments

to a specified party either Free or Against Payment

MT 548: Reports on the status of a specific settlement

instruction

Settlement Confirmation and Position MT 544, MT 545: Confirm the receipt of financial instruments
Reporting from a specified party either Free or Against Payment

MT 546, MT 547: Confirm the delivery of financial

instruments to a specified party either Free or Against
Payment

MT 535 including Delta: Report on the quantity and

identification of securities and other holdings held by the
account owner

MT 536: Report on the account activity for all or selected

securities, for a specified period of time for a specified
account

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SWIFT Certified Application
Securities Settlement SWIFT Certified Application - Securities Settlement Criteria 2018

Transaction flow Message type

Additional Processing MT 578: Settlement Allegement

MT 586: Statement of Settlement Allegements

Summary of mandatory messages for account servicers

MT Description IN OUT

MT 540 - 541 - 542 - 543 Mandatory Mandatory

MT 544 - 545 - 546 - 547 Mandatory Mandatory

MT 535 Mandatory Mandatory

MT 548 Mandatory Mandatory

MT 536 Mandatory Mandatory

MT 578 - 586 Mandatory Mandatory

Account owners
The following table lists the message types that must be supported by vendors whose players are
involved as account owner only. These players are typically investment managers and Broker/
Dealers.

Transaction flow IN OUT

MT 540 - 541 - 542 - 543 Optional Mandatory

MT 544 - 545 - 546 - 547 Mandatory Optional

MT 535 Mandatory Optional

MT 548 Mandatory Mandatory

MT 536 Optional Optional

MT 578 - 586 Mandatory Mandatory

3.6 Message Validation (Syntax and Semantic)

Overview
FIN central services validate every FIN message against syntax and semantic rules. The central
system rejects messages that do not pass validation. This rejection incurs substantial costs for
SWIFT users. To avoid this, applications must provide the same level of validation of the generated
messages as the FIN central service does.

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SWIFT Certified Application
Securities Settlement SWIFT Certified Application - Securities Settlement Criteria 2018

Standards release
The application must support all changes to existing message types and the introduction of new
message types before the live release date on the SWIFT network. If new messages are
introduced or significant modification has been made to existing messages, then SWIFT expects
the application provider to provide adequate testing time to its customers before these messages
go live. Support of the Standards Release Guide 2018 is mandatory for the SWIFT Certified
Application - Securities Settlement 2018 Criteria.

Network Validated Rules (Message Format Validation Rules)

Network Validated Rules are defined in the Message Format Validation Rules (MFVR) in the User
Handbook. The MFVR is updated on a regular basis, following the SWIFT Standards Release
cycle.

MT Usage Rules
Usage Rules are not validated on the network, and do not generate error codes. It is mandatory to
adhere to these rules when using MT fields, as mentioned Category 5 - Securities Markets -
Message Reference Guides on the User Handbook.

Straight-through processing (STP) guidelines

STP guidelines are not validated on the network and are not mandatory when using MT messages.
An application that generates messages is required to comply, whenever possible, with the guiding
principles for STP in a SWIFT environment. This includes very generic principles, such as avoiding
the use of full name and address for a financial institution.

3.7 Market Practices

The industry has created Market Practice Groups. The objective of these groups is to work on
globally harmonised market practices, which together with the ISO 15022 standard, enhance STP
at an industry level.
Technically speaking, market practices can be seen as an instance of a FIN MT message where
some optional fields, keyword, or qualifier become mandatory for a specific country.
Support of these industry market practices is mandatory to receive the Securities Settlement label.
In this case, supporting does not mean implementation of all variations of each country. This
means that the software must be able to support the concept and has already a minimum of
country specifics implemented together with the general guidelines.
Related information
www.spmg.info

3.8 Technical Message Reconciliation

SWIFT validates messages at different levels and provides notification about validation and
transmission results. The application must capture these technical notifications and
acknowledgements as well as ensure technical reconciliation, error handling, repair, and
retransmission.

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SWIFT Certified Application
Securities Settlement SWIFT Certified Application - Securities Settlement Criteria 2018

3.9 User Interface

Whenever relevant, SWIFT expects the application and middleware to offer a Graphical User
Interface (GUI).

Message viewer
The vendor application must be able to browse incoming and outgoing SWIFT messages in a
formatted way. In particular, FIN messages must be visualised with a user-friendly GUI or a web
browser that offers business meaningful fields (or a reference to the meaning of a FIN tag field
code).

Message entry
The Graphical User Interface (GUI) or a web-based browser, if present, must make it possible for a
user to input manually any relevant SWIFT message.
The message entry tool must cater for some data input validation at message field level. Any invalid
entry must be flagged, and the user must be prompted to correct the input.

Message repair
The Graphical User Interface (GUI) or the web-based browser, if present, must make it possible for
a user to manually modify any relevant SWIFT message.

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SWIFT Certified Application
Securities Settlement Reference Data Integration

4 Reference Data Integration

The application must support the directories that are documented in this section.
Optional directories are clearly identified as such.

4.1 BIC Directory

Overview
The application must provide access to the BIC Directory (or the eventual replacements of the BIC
Directory: BIC Plus or BIC Directory 2018, or Bank Directory Plus) both for message validation and
as a look-up function in the message creation and message repair stations.
It is the responsibility of directory subscribers at all times to make sure that they use the latest
version of the BIC Directory. As such, SWIFT expects the application to support the BIC Directory
monthly update in an efficient manner without disrupting customer operations.

Retrieval functionality during message composition

The BICs contained in the BIC Directory, BIC Plus, and BIC Directory 2018 can be used in various
fields of the SWIFT messages. The absence of BICs in these fields is one of the major obstacles to
straight-through processing (STP) and causes manual intervention on the recipient side. SWIFT
expects vendors to provide an integrated interface within their application to make it possible for
users to retrieve and input correctly formatted BICs into the proper fields.

Search functionality
The user must be able to enter a number of search criteria, such as a part of the BIC, bank name,
or address, to perform a search, and to get a list of results. From this result window, the user must
be able to select the required BICs and copy these into the different bank identifier fields of the
message (that is, the transaction).
If the search criteria return no results, then the user must be alerted that no BIC is available. If the
user manually enters an invalid BIC, then the application must send an alert notifying the user that
this BIC is not valid.

Available format and delivery

Flat file in XML or TXT format.

Delivery
The BIC Directory, BIC Plus, and BIC Directory 2018 are downloadable in a manual or automated
manner from the SWIFTRef Portal in full and delta versions. Upon request, they can also be
delivered through FileAct.
The BIC Directory, BIC Plus, and BIC Directory 2018 must either be copied into the application
repository system or stored in the back office for access by the vendor application through a
defined interface.

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SWIFT Certified Application
Securities Settlement Reference Data Integration

4.2 Bank Directory Plus (Optional)

Content
Bank Directory Plus contains the following information:
• All BIC11s from the BIC Directory (more than 200 countries), from connected and non-
connected financial institutions and corporates active on FIN, FileAct, and/or InterAct.
• LEIs (Legal Entity Identifier) from the endorsed LOUs (Local Operating Units).
Only LEIs that have a corresponding BIC are included.
• Name and address details for most BICs
• FIN service codes
• National clearing codes (160+ countries), including CHIPS, TARGET, and EBA data. For a
limited number of countries (10+), national codes are also provided with name and address in
local language (for example, China, Japan, Russia).
• Bank hierarchy information
• Country, currency, and holiday information
• Timezone information

Available formats
Flat file in XML or TXT format

Delivery
The Bank Directory Plus is downloadable in a manual or automated manner from the SWIFTRef
Portal in full and delta versions. Upon request it can also be delivered through FileAct on a daily or
monthly basis.

4.3 IBAN Plus (Optional)

Content
The IBAN Plus directory contains the following information:
• IBAN country formats
- IBAN country prefix
- IBAN length
- Bank code length, composition, and position within the IBAN
• Institution name and country
• Institution bank and branch codes in the formats as embedded in IBANs
• Institution BICs as issued together with the IBANs to the account holders
• Data for the SEPA countries and the non-SEPA countries that adopted the IBAN
• Updates to the file when new IBAN country formats are registered with SWIFT in its capacity as
the ISO IBAN registry

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SWIFT Certified Application
Securities Settlement Reference Data Integration

• Institution bank and branch codes for which no IBANs have been issued and hence that should
not be found in IBANs.
The directory is ideal for accurate derivation of BIC from IBAN, covering 72 IBAN countries
(including all SEPA countries). It is also ideal for validating IBANs. The capability to validate IBANs
is important as many corporations generate IBANs for their vendors, suppliers, and clients, which in
many cases are not the correct IBANs issued by the banks.

Available formats
Flat file in XML or TXT format

Delivery
The IBAN Plus is downloadable in a manual or automated manner from the SWIFTRef Access
Point in full and delta versions on a daily and monthly basis. Upon request it can also be delivered
through FileAct.

4.4 SWIFTRef Business Applications

Introduction
SWIFTRef offers a portfolio of reference data products and services. Data is maintained in a
flexible relational database and accessible in a choice of formats and delivery channels matched to
business needs.

Purpose
Application vendors are able to access BICs, National bank/Sort codes, IBAN data, payment
routing data (including SEPA and other payment systems), Standard Settlement Instructions
(SSIs), LEIs, MICs (Market Identification Codes), BRNs (Business Registration Numbers), GIINs
(Global Intermediary Identification Numbers), and more. Through SWIFTRef, vendors can ensure
that their applications support the most accurate and up-to-date reference and entity data for
smooth payments initiation and processing.

Related information
Additional information about SWIFTRef for application vendors is available on swiftref.swift.com/
swiftref-business-applications.

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SWIFT Certified Application
Securities Settlement Marketing and Sales

5 Marketing and Sales

Requirements
In order to maximise the business value of the SWIFT Certified Application - Securities Settlement
label, collaboration between SWIFT and the vendor is expected. More specifically, the vendor must
provide SWIFT, under a non-disclosure agreement, with the following information:
• A list of customers actively using the application in a SWIFT context
The list must contain the institution name, location, and an overview of the integration scope
(domain, features, and sites) for the current and previous year.
• A list of all customers active in the financial sector
• A product roadmap for 2018 and 2019 containing the plans for further developments, SWIFT
support, and new releases
• A complete set of documentation, including feature overview, SWIFT adapters, workflow engine
capability, and user manuals
In addition, the vendor must dedicate a page of their web site to describe the SWIFT Certified
Application used in a SWIFT context.

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SWIFT Certified Application
Securities Settlement ISO 20022 Messages Optional for Securities Settlement

A ISO 20022 Messages Optional for Securities

Settlement
MT and MX Types

MT MX Message Definition

MT 535 semt.002.XXX.XX SecuritiesBalanceCustodyReport

semt.003.XXX.XX SecuritiesBalanceAccountingReport

semt.020.XXX.XX SecuritiesMessageCancellationAdvice

MT 536 semt.017.XXX.XX SecuritiesTransactionPostingReport

semt.020.XXX.XX SecuritiesMessageCancellationAdvice

MT 540 sese.020.XXX.XX SecuritiesTransactionCancellationRequest

sese.023.XXX.XX SecuritiesSettlementTransactionInstruction

sese.033.XXX.XX SecuritiesFinancingInstruction

sese.036.XXX.XX SecuritiesFinancingModificationInstruction

MT 541 sese.020.XXX.XX SecuritiesTransactionCancellationRequest

sese.023.XXX.XX SecuritiesSettlementTransactionInstruction

sese.033.XXX.XX SecuritiesFinancingInstruction

sese.036.XXX.XX SecuritiesFinancingModificationInstruction

MT 542 sese.020.XXX.XX SecuritiesTransactionCancellationRequest

sese.023.XXX.XX SecuritiesSettlementTransactionInstruction

sese.033.XXX.XX SecuritiesFinancingInstruction

sese.036.XXX.XX SecuritiesFinancingModificationInstruction

MT 543 sese.020.XXX.XX SecuritiesTransactionCancellationRequest

sese.023.XXX.XX SecuritiesSettlementTransactionInstruction

sese.033.XXX.XX SecuritiesFinancingInstruction

sese.036.XXX.XX SecuritiesFinancingModificationInstruction

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SWIFT Certified Application
Securities Settlement ISO 20022 Messages Optional for Securities Settlement

MT MX Message Definition

MT 544 semt.020.XXX.XX SecuritiesMessageCancellationAdvice

sese.025.XXX.XX SecuritiesSettlementTransactionConfirmation

sese.026.XXX.XX SecuritiesSettlementTransactionReversalAdvice

sese.035.XXX.XX SecuritiesFinancingConfirmation

MT 545 semt.020.XXX.XX SecuritiesMessageCancellationAdvice

sese.025.XXX.XX SecuritiesSettlementTransactionConfirmation

sese.026.XXX.XX SecuritiesSettlementTransactionReversalAdvice

sese.035.XXX.XX SecuritiesFinancingConfirmation

MT 546 semt.020.XXX.XX SecuritiesMessageCancellationAdvice

sese.025.XXX.XX SecuritiesSettlementTransactionConfirmation

sese.026.XXX.XX SecuritiesSettlementTransactionReversalAdvice

sese.035.XXX.XX SecuritiesFinancingConfirmation

MT 547 semt.020.XXX.XX SecuritiesMessageCancellationAdvice

sese.025.XXX.XX SecuritiesSettlementTransactionConfirmation

sese.026.XXX.XX SecuritiesSettlementTransactionReversalAdvice

sese.035.XXX.XX SecuritiesFinancingConfirmation

MT 548 semt.014.XXX.XX IntraPositionMovementStatusAdvice

sese.022.XXX.XX SecuritiesStatusOrStatementQueryStatusAdvice

sese.024.XXX.XX SecuritiesSettlementTransactionStatusAdvice

sese.027.XXX.XX SecuritiesTransactionCancellationRequestStatusAdvice

sese.031.XXX.XX SecuritiesSettlementConditionsModificationStatusAdvice

sese.032.XXX.XX SecuritiesSettlementTransactionGenerationNotification

sese.034.XXX.XX SecuritiesFinancingStatusAdvice

MT 578 sese.028.XXX.XX TransactionAllegementNotification002

sese.029.XXX.XX AllegementRemovalAdvice002

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SWIFT Certified Application
Securities Settlement ISO 20022 Messages Optional for Securities Settlement

MT MX Message Definition

MT 586 semt.019.XXX.XX TransactionAllegementReport002

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SWIFT Certified Application
Securities Settlement Legal Notices

Legal Notices
Copyright
SWIFT © 2018. All rights reserved.

Disclaimer
The information in this publication may change from time to time. You must always refer to the
latest available version.

Translations
The English version of SWIFT documentation is the only official and binding version.

Trademarks
SWIFT is the trade name of S.W.I.F.T. SCRL. The following are registered trademarks of SWIFT:
the SWIFT logo, SWIFT, SWIFTNet, Sibos, 3SKey, Innotribe, the Standards Forum logo,
MyStandards, and SWIFT Institute. Other product, service, or company names in this publication
are trade names, trademarks, or registered trademarks of their respective owners.

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